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Study after study shows that the majority of credit card users in America carry a balance. People in the credit card industry refer to these customers as "revolvers," and they generate huge profits for the industry by paying high interest rates every month.

If you are one of these credit card users, your primary goal should be to pay off your debt and never pay credit card interest again. But you probably already knew that. What you may not know is which credit card has the lowest interest rate. (See also: Best Low Interest Rate Credit Cards)

While it is nearly impossible to look at every one of the thousands of credit card offers that are currently available, and that change constantly, I can say this: I've written hundreds of articles about credit cards, and read even more, and the Simmons Bank Visa® Platinum has the lowest standard APR of any card that I am aware of. Furthermore, this has been the case for several years now.

Why We Like This Card

Lowest variable APR available

No annual fee and no balance transfer fee

How This Card Works

This card has a variable interest rate of 7.50%. It doesn't seem like it was that long ago when mortgages rates were in that area. And the great part is that cardholders will not receive a rate that is between 7.50% and something else, depending on the applicant's credit worthiness. Instead, the 7.50% applies to everyone who is approved for this card.

But what is a "variable interest rate"? A variable rate is any rate that is tied to the Prime Rate, currently at 3.50%. Therefore, this rate is 4% plus the Prime Rate. Before the CARD Act of 2009, banks would issue "fixed rate" cards and then just change the rate whenever they felt like it. The CARD Act ended this questionable practice, but nearly all banks stopped offering fixed rates on credit cards and went to variable rates that adjust with the Prime.

Other Benefits

Travel insurance. With possibly the lowest interest rate on the market, there is not much room for all the fancy perks offered by other cards. Nevertheless, this card still features travel insurance and a rental car loss/damage waiver policy, the latter of which is essential for most travelers.

Costs

$0 Annual Fee

7.50% Variable APR

$0 Balance Transfer Fee

2% Foreign Transaction Fee

Pros

Lowest APR available. Cardholders receive what is likely the lowest standard interest rate available on any credit card offered in the United States. Those who carry a balance can save a tremendous amount of money on interest payments and pay off their debt sooner than they would with a card that has a higher rate.

Cons

No introductory APR. This card does not feature a 0% APR promotional balance transfer offer like many other cards. These promotional financing deals can be an even better way to pay off debt, but most have a 3% balance transfer fee. And with an interest rate this low, applicants must have excellent credit in order to be assured of approval.

Who This Card Is Best For

There are individuals with no current debt that realize that they may possibly incur debt in the future. These cardholders would be wise to have the Simmons Bank Visa Platinum available in order to minimize their interest costs in the future.

It is always better to have no credit card debt than it is to revolve a balance. But, at the same time, it is smart to carry the credit card with the lowest possible standard interest rate, just in case.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

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ruby #1

Customer service for this card sucks. You can't change your address over the phone (due to "security" reasons--you have to write in ON the envelope you mail your payment in--somehow more secure!) and they are only open standard bank hours and never on weekends or Federal holidays. And since it's based in Arkansas, the operators will have accents, which might be a problem for some. Oddly, I was able to cancel my card over the phone, so I am finally rid of this mess. I pay my balance off monthly, so I am not in need of a low APR card with all these barriers.

Wise Bread is an independent, award-winning, advertising-supported website. Many credit card offers that appear here are from companies from which Wise Bread receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Wise Bread does not include all card offers in the marketplace.

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Advertiser Disclosure: Many of the credit card offers that appear on the website are from credit card companies from which Wise Bread receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This site does not include all credit card companies or all available credit card offers. Please view our advertiser disclosure page for more information.